Saudi Arabia’s central bank has joined the Bank for International Settlements’ (BIS) cross-border central bank digital currency (CBDC) project, mBridge, as a participant, after being an observing member.

On June 5, mBridge’s members also launched the project’s ‘minimum viable product’ version, a prototype to enable instant wholesale cross-border payments. Several private-sector financial institutions are ready to start participating in the project, the mBridge members announced.

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